News Corp. Christens Entertainment Co.

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  • Cabinet approves international probe team for MH370
    Cabinet approves international probe team for MH370

    Putrajaya today announced the formation of an international investigation team to probe the disappearance of Malaysia Airlines flight MH370, which went missing on March 8. Acting Transport Minister Datuk Seri Hishammuddin Hussein (pic) said Cabinet approved the establishment of the team at its meeting today. "The Transport Ministry has been... …

News Corporation (NWSA) recently announced that post split, its new independent media company will be christened 21st Century Fox. The company is on the verge of splitting its operations into 2 separate publicly traded publishing and entertainment entities.

The Entertainment Company (to be named 21st Century Fox) will encompass cable and television assets, filmed entertainment, and direct satellite broadcasting businesses including Fox broadcasting, cable network, Fox News Channel, the 20th Century Fox movie studio, BSkyB, Sky Italia, Sky Deutschland, and pay-TV operations in Europe and India.

The company is also fortifying its entertainment division by focusing on enhancing its portfolio of regional sports channels to solidify its Fox Sports Media Group’s position in the lucrative sports entertainment business, where it competes with Walt Disney Company’s (DIS) sports coverage network, ESPN.

Earlier, the company revealed that its new publishing company will start operations with $2.6 billion in cash and no debt once its planned spin-off is completed.

The Publishing Company (to be known as News Corporation) will comprise publishing businesses, education unit and the integrated marketing services business, with brands like The Wall Street Journal, HarperCollins and Amplify.

News Corporation named Robert Thomson, Editor-in-Chief of Dow Jones and managing Editor of The Wall Street Journal, as the new CEO of its publishing company. Alongside, Michael Florin has been appointed as the Senior Vice President and Head of Investor Relations for the new publishing company.

We believe that the split will augur well for News Corporation, which has been in troubled waters since the revelation of the phone hacking scandal that eventually led to the closure of the publication of ‘The News of the World’. Moreover, the company was held back from acquiring the remaining 61% stake in the British Sky Broadcasting Group.

Further with adequate cash, the new News Corporation will be better positioned than its peers, The New York Times Company (NYT) and Gannett Co., Inc. (GCI) to look for strategic acquisitions and expand its business.

Currently, shares of News Corp retain a Zacks Rank #3 (Hold).

Read the Full Research Report on NYT

Read the Full Research Report on NWSA

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  • MH370 passenger’s partner tells of strange email from sacked Fox officer The Malaysian Insider
    MH370 passenger’s partner tells of strange email from sacked Fox officer

    The partner of an American passenger aboard the missing Malaysia Airlines flight MH370 has spoken about how a Fox executive who was recently sacked by the news station had contacted her offering to raise funds on her behalf. Sarah Bajc, whose partner Philip Wood is among the 239 people on board the missing plane, told the Sydney Morning Herald... …

  • Dr Ling’s son chose wine over woman, court hears The Malaysian Insider
    Dr Ling’s son chose wine over woman, court hears

    The son of former MCA president Tun Dr Ling Liong Sik today reached an out of court settlement with his ex-girlfriend in a breach of contract suit over seven properties registered under their joint names. Ling Hee Leong and businesswoman Teh Chee Yen agreed to settle out of court after he took the stand briefly and testified that he had chosen... …

  • MB: Only 29 days of water left in Selangor Malaysiakini

    Although heavy rain led to flash floods in parts of the Klang Valley yesterday, the Selangor government has said that taps will run completely dry in 29 days if rationing is not continued. "For now, we must continue with rationing as the level at the main dam, the Sungai Selangor dam, is below the critical level and can only last 29 days if rationing is not conducted," Menteri Besar Abdul Khalid Ibrahim said in a statement.   "We really hope the rakyat understands this situation and supports …